Well, water is up and ... flowing :) Reflections are working nicely and so are caustic effects. Refractions are good but transparency needs tweaking. The hard part's over:

 

And shadow map generation is getting better and better. Only directional lights are working for now, but still:

  Now that the engine supports some more rendering eye-candy, back to logic behind the scenes. SceneGraph implementation is buggy, crash-prone, Resource Manager doesn't work, Mesh - SubMesh <-> SceneGraphNode parent <-> children conversion not working etc. But ... things are looking promising for the future.